JAKARTA, Indonesia Deputy Energy and Mineral Resources Minister Arcandra Tahar has said that Indonesia needs to intensify exploration for new oil fields because the country's proven oil reserves will only support about 12 years of exploitation, The Jakarta Post reported citing kontan.co.id online portal.
He explained that Indonesia had 3.3 billion barrels of proven oil reserves, while estimated production was 800,000 barrels per day.
It could be a bit longer because our production will decline. Next year, our oil production will decline to 700,000 bpd, Arcandra said.
He stressed that the development of new technology to pump more oil from existing fields and to discover new oil reserves were the only ways for Indonesia to prolong its oil production.
Arcandra explained that the existing technology would only allow for lifting between 40 and 50 per cent of the oil reserves.
Source: NAM News Network